Gucci: Feeding the fashionistas: Gucci turns to fine dining
It''s
all a matter of taste.Luxury labels are accustomed to tempting fashionistas,
and now they''re stretching from haute couture to haute cuisine.Gucci opened a 50-seat restaurant,Gucci Osteria,
in Florence on Tuesday where three-Michelin-star chef Massimo Bottura will
serve up high-end dishes.The Italian fashion house, owned by Kering, is not the
only luxury company to foray into food; LVMH announced late last year it would
open a second branch of its gourmet grocer La
Grande Epicerie in Paris,
days before Tiffany''s & Co opened its Blue Box Cafe in New York.
"The
big brands are following where their high-spending clients'' cash is
going," said Fabrizio Pini, professor and joint director of the
International Master in Luxury Management of Milan''s MIP Politecnico business
school.Gucci and its rivals do not expect these investments to yield
significant financial returns, for now, but they are seen as a way of enhancing
their global brands. In some cases, eateries can also be a way to make the most
out of large, city-centre store sites as customers increasingly shop online.
The
Gucci restaurant is sited behind the walls of the 14-century Palazzo della
Mercanzia building, overlooking the city''s most famous square, Piazza della
Signoria. Visitors can treat themselves to the likes of Parmigiano Reggiano
tortellini, Peruvian-inspired tostadas, pork belly buns and mushroom risotto
for 20-30 euros per dish.Few strategies come without an element of risk,
however.Bernstein analyst Mario Ortelli said that if luxury companies did not
provide a gastronomic experience that matched their other goods, it could
dilute their brands. "The experience has to be luxurious and
recognisable," he said.
While
labels are looking to these investments for marketing rather than profits, a
presence in food could offer some financial returns in the long run.With a
global luxury market estimated to be worth 1.2 trillion euros in 2017, sales of
luxury wines and spirits and food, together worth just under 120 billions, last
year grew 6 percent, more than personal luxury goods such as bags, shoes and
clothing, according to Bain & Co''s yearly report on the sector."Food
is luxury as much as fashion," said Stefano Cantino, strategic marketing
director at Prada,
which owns exclusive Milan patisserie Marchesi."Barriers have been
broken."The Gucci Osteria restaurant is part of "Gucci Garden",
which includes an exhibition area, a bazaar-like boutique and a cinema room.
"Haute couture and haute cuisine are a recipe made in heaven,"
Bottura told reporters.
Source: Etretail.com,India
Wednesday, 10 January 2018